Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/3sbio-inc" target="_blank" data-smartkarma-citation="entities:459:1" rel="noopener">3SBio Inc (1530 HK)</a> witnessed revenue growth of 94% to RMB 17.7B in 2025 on the back of payments from licensing deal with Pfizer.  Tpiao continues to loose market share.</li>
<li>The NDA of Anti-IL-17A mAb (608, for psoriasis) and Eltrombopag (SSS20, for ITP and Severe Aplastic Anemia) was approved for marketing in February 2026 and March 2026, respectively.</li>
<li>We feel that the company will face growth hurdles in the near to medium term but will recover from that. We would recommend to hold the stock for now.</li>
</ul>



3SBio Inc (1530 HK) witnessed revenue growth of 94% to RMB 17.7B in 2025 on the back of payments from licensing deal with Pfizer.  Tpiao continues to loose market share.
The NDA of Anti-IL-17A mAb (608, for psoriasis) and Eltrombopag (SSS20, for ITP and Severe Aplastic Anemia) was approved for marketing in February 2026 and March 2026, respectively.
We feel that the company will face growth hurdles in the near to medium term but will recover from that. We would recommend to hold the stock for now.


3SBio Inc (1530 HK): Licensing Boosts 2025 Revenue, Temporary Growth Hurdles Incoming

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Zhejiang Jingxin Pharmaceutical Co., / Equity Capital Markets

Zhejiang Jingxin Pharmaceutical Co., (002020 CH)

<ul>
<li>Jingxin isn’t a purely innovative drug company. Instead, it adopts a "generic + innovative" approach.Its competitive advantage doesn’t lie in disruptive technologies, but deep market penetration in specific therapeutic areas.</li>
<li>Due to VBP, profit margin is not satisfactory, but as Dimdazenil has been included in the NRDL, this product is expected to become an important growth point in the future.</li>
<li>Peers include CSPC, <a href="https://www.smartkarma.com/entities/simcere-pharmaceutical-group" target="_blank" data-smartkarma-citation="entities:29186:1" rel="noopener">Simcere Pharmaceutical (2096 HK)</a>, <a href="https://www.smartkarma.com/entities/jiangsu-hengrui-pharmaceuticals-co-ltd" target="_blank" data-smartkarma-citation="entities:44224:1" rel="noopener">Hengrui (1276 HK)</a>, <a href="https://www.smartkarma.com/entities/sino-biopharmaceutical" target="_blank" data-smartkarma-citation="entities:230:1" rel="noopener">Sino Biopharmaceutical (1177 HK)</a>. Based on our analysis, we think valuation of Jingxin would be lower than these four companies.</li>
</ul>


Jingxin isn’t a purely innovative drug company. Instead, it adopts a "generic + innovative" approach.Its competitive advantage doesn’t lie in disruptive technologies, but deep market penetration in specific therapeutic areas.
Due to VBP, profit margin is not satisfactory, but as Dimdazenil has been included in the NRDL, this product is expected to become an important growth point in the future.
Peers include CSPC, Simcere Pharmaceutical (2096 HK), Hengrui (1276 HK), Sino Biopharmaceutical (1177 HK). Based on our analysis, we think valuation of Jingxin would be lower than these four companies.


Pre-IPO Zhejiang Jingxin Pharmaceutical (A/H Listing) - Growth Path Returns as VBP Will Subside

Shanghai Henlius Biotech / Equity Bottom-Up

<ul>
<li>During 2025, <a href="https://www.smartkarma.com/entities/shanghai-henlius-biotech-inc" target="_blank" data-smartkarma-citation="entities:27888:1" rel="noopener">Shanghai Henlius Biotech (2696 HK)</a> clocked revenue of RMB 6.7B, representing an increase of 16.5% YoY, mainly backed by Hanquyou (trastuzumab for injection) and Hansizhuang (serplulimab injection).</li>
<li>Net profit in 2025 stood at RMB 827M, up 1% YoY, despite R&amp;D expense growing 46% to RMB 1.5B and selling &amp; distribution expenses rising 15% to RMB 2.2B.</li>
<li>The recurrent licensing agreement, the increasing contribution of in-house innovative drug coupled with consistent indication and geographic expansion will help build a sustainable revenue flow.</li>
</ul>


During 2025, Shanghai Henlius Biotech (2696 HK) clocked revenue of RMB 6.7B, representing an increase of 16.5% YoY, mainly backed by Hanquyou (trastuzumab for injection) and Hansizhuang (serplulimab injection).
Net profit in 2025 stood at RMB 827M, up 1% YoY, despite R&amp;D expense growing 46% to RMB 1.5B and selling &amp; distribution expenses rising 15% to RMB 2.2B.
The recurrent licensing agreement, the increasing contribution of in-house innovative drug coupled with consistent indication and geographic expansion will help build a sustainable revenue flow.


Shanghai Henlius (2696 HK): Innovative Portfolio Carry 2025 Along, Globalization Strategy On Track

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shanghai-henlius-biotech-inc" target="_blank" data-smartkarma-citation="entities:27888:1" rel="noopener">Shanghai Henlius Biotech (2696 HK)</a> granted Eisai license to develop, manufacture and commercialize Hansizhuang (serplulimab injection) in the treatment of oncology indications in Japan.</li>
<li>Hansizhuang is an innovative anti-PD-1 monoclonal antibody approved for marketing in China for indications including the combination with chemotherapy for the first-line treatment of sq &amp; nsq-NSCLC, ES-SCLC and ESCC.</li>
<li>The recurrent licensing agreement, the increasing contribution of in-house innovative drug coupled with consistent indication and geographic expansion will help build a sustainable revenue flow.</li>
</ul>



Shanghai Henlius Biotech (2696 HK) granted Eisai license to develop, manufacture and commercialize Hansizhuang (serplulimab injection) in the treatment of oncology indications in Japan.
Hansizhuang is an innovative anti-PD-1 monoclonal antibody approved for marketing in China for indications including the combination with chemotherapy for the first-line treatment of sq &amp; nsq-NSCLC, ES-SCLC and ESCC.
The recurrent licensing agreement, the increasing contribution of in-house innovative drug coupled with consistent indication and geographic expansion will help build a sustainable revenue flow.


Shanghai Henlius (2696 HK): Licensing Agreement With Eisai for Hansizhuang Yet Another Milestone

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Feb 6th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Zto Express (2057 HK), Xiaomi (1810 HK), Kingsoft (3888 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Zto Express (2057 HK), Xiaomi (1810 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Feb 6th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Zto Express (2057 HK), Xiaomi (1810 HK), Kingsoft (3888 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Zto Express (2057 HK), Xiaomi (1810 HK).


Hong Kong Buybacks Weekly (Feb 6th): Zto Express, Xiaomi, Kingsoft

China

Simcere Pharmaceutical Group is an innovation and R&D-driven pharmaceutical company engaged in the research, development, manufacturing, and sale of pharmaceutical products. It focuses on therapeutic areas such as oncology, central nervous system diseases, autoimmune diseases, and anti-infection, with key products including Sanbexin, Endostar, and Bicun. The company was founded in 1995 and is headquartered in Nanjing, China.

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Simcere Pharmaceutical (2096 HK)

3SBio Inc (1530 HK): Licensing Boosts 2025 Revenue, Temporary Growth Hurdles Incoming

3SBio Inc saw a 94% revenue increase in 2025 due to Pfizer deal. Faces market share challenges. Marketing approvals for key pipeline products is...

Tina Banerjee

Pre-IPO Zhejiang Jingxin Pharmaceutical (A/H Listing) - Growth Path Returns as VBP Will Subside

Jingxin's "generic + innovative" approach focus on market penetration rather than disruptive technology. Dimdazenil's inclusion in NRDL will drive...

Xinyao (Criss) Wang

Shanghai Henlius (2696 HK): Innovative Portfolio Carry 2025 Along, Globalization Strategy On Track

Shanghai Henlius saw robust revenue growth in 2025 driven by key products, despite rising expenses. Aiming for sustainable revenue through...

Tina Banerjee

Shanghai Henlius (2696 HK): Licensing Agreement With Eisai for Hansizhuang Yet Another Milestone

Shanghai Henlius Biotech grants Eisai license for Hansizhuang in Japan for oncology treatment, expanding revenue opportunities with innovative...

Tina Banerjee

Hong Kong Buybacks Weekly (Feb 6th): Zto Express, Xiaomi, Kingsoft

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Zto Express (2057...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

3SBio Inc (1530 HK): Licensing Boosts 2025 Revenue, Temporary Growth Hurdles Incoming

​3SBio Inc saw a 94% revenue increase in 2025 due to Pfizer deal. Faces market share challenges. Marketing approvals for key pipeline products is...

Tina Banerjee

Pre-IPO Zhejiang Jingxin Pharmaceutical (A/H Listing) - Growth Path Returns as VBP Will Subside

​Jingxin's "generic + innovative" approach focus on market penetration rather than disruptive technology. Dimdazenil's inclusion in NRDL will drive...

Xinyao (Criss) Wang

Shanghai Henlius (2696 HK): Innovative Portfolio Carry 2025 Along, Globalization Strategy On Track

​Shanghai Henlius saw robust revenue growth in 2025 driven by key products, despite rising expenses. Aiming for sustainable revenue through...

Tina Banerjee

Shanghai Henlius (2696 HK): Licensing Agreement With Eisai for Hansizhuang Yet Another Milestone

​Shanghai Henlius Biotech grants Eisai license for Hansizhuang in Japan for oncology treatment, expanding revenue opportunities with innovative...

Tina Banerjee

Hong Kong Buybacks Weekly (Feb 6th): Zto Express, Xiaomi, Kingsoft

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Zto Express (2057...

Ke Yan, CFA, FRM

3SBio Inc saw a 94% revenue increase in 2025 due to Pfizer deal. Faces market share challenges. Marketing approvals for key pipeline products is...

Jingxin's "generic + innovative" approach focus on market penetration rather than disruptive technology. Dimdazenil's inclusion in NRDL will drive...

Shanghai Henlius saw robust revenue growth in 2025 driven by key products, despite rising expenses. Aiming for sustainable revenue through...

Shanghai Henlius Biotech grants Eisai license for Hansizhuang in Japan for oncology treatment, expanding revenue opportunities with innovative...